Apartment Building Insurance

What is Apartment Building Insurance Policy?

Policy is designed to protect apartment building owners from a variety of risks and potential damages that could affect the property, tenants, and the owner’s financial stability. It provides coverage for several types of incidents and damages including frivolous legal lawsuits, hurricanes, floods, fire, water damage, tropical storm, and vandalism.

What we can do for you.

Since 1987, we have helped hundreds of clients like you save money on their apartment building Insurance, providing adequate insurance coverage customized to your property investment insurance needs.

Whether you own a large complex, medium, or small apartment building in Florida, newer or older construction, we can structure an affordable apartment building Insurance package deal, including hurricanes.

Understanding Landlord Apartment Insurance Policy Cover:

• Building – this policy protects your apartment building against common causes of loss such as water damage, flood, hurricane, tropical storm, tornadoes, fire, and vandalism. An up-to-date apartment appraisal is required to ensure the property is at 100% of its replacement cost. 
• General Liability – Policy provides liability protection arising out of any lawsuit filed in the court by your tenants or a visitor walking on your premises. In this case, the apartment building owner is legally obligated to pay monetary damages resulting from bodily injury and property damages to the tenant. This policy also covers personal injury that includes wrongful eviction by your property manager. Additionally, your employees are covered for any liability exposures while engaging in business-related activities.
• Contents – this policy does cover all contents belonging to your business that are used for the maintenance of the building, such as ground-keeping equipment located on your property.
• Hurricane and Windstorm – Policy protects your apartment caused by a named hurricane or windstorm against any major natural disaster. A 5% deductible is applied based on your insurance policy limit.
• Building Glass – covers all your apartment building glasses arising out of any related accident that occurs on-premises.
• Equipment Breakdown – such policy coverage is specifically needed for an older apartment building in Florida to ensure all types of mechanical and electrical equipment are located on-premises, such as a boiler, elevator, water heater, and air condition units.
• Commercial Umbrella – Policy provides a higher liability limit of up to $20 Million, to rise liability protection to apartment building owners, in the event the court awarded a higher settlement over and above the underlying policy limit of one million.
• Loss of Rent –  this endorsement reimburses apartment building owner in the event the unit is damaged due to covered perils and becomes not livable anymore. In this case, the tenant was forced to move out. This policy compensates apartment building owners for the loss of rent.
• Workers Compensation – This policy covers your employees in the event an employee gets injured on the job during working hours. This policy covers medical bills and loss of income during the recovery period. 

8 Underwriting factors that affect the cost of your Apartment Building Insurance policy:

1. Install a 4 feet fence around the swimming pool.
2. Maintain a continuous insurance policy with no lapse of coverage.
3. Insurance free of any property and liability losses for the past 3 years.
4. Premium discount available for updated roof within the last 10 years.
5. Update electrical wiring, plumbing, and roofing to bring the property up to code.
6. Additional premium discount is available if you have fire sprinklers installed in each unit.  
7. Install a fire alarm system connected to a switchboard in each unit and a surveillance camera around the apartment.
8. Have a maintenance supervisor perform daily maintenance check-ups and fix any necessary mechanical problems that might occur.

Call us today to find out what we can do for you?

G. Zein Insurance Services is specialized in apartment building Insurance since 1987. We work diligently on your behalf to lower your insurance cost, by ensuring your apartment building through reliable insurance companies; so you can have peace of mind knowing that you are financially protected if a loss occurs. Moreover, we stand with you in the process of mitigating property claims at the time of a loss.

How much does Apartment Building Insurance cost in Florida?

To find out today how much it costs to insure your rental property in Florida, please fill out a request form today to receive Apartment Building Insurance Quotes. Or, feel free to call us before renewing current policy at (954) 454–9599, to discuss options on how to help you cut insurance expenses.

All Inquiries are Welcome